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How will you spend your tax refund?

Taxpayers are most likely to put this year’s refunds into
savings or use it for day-to-day expenses like food, gas or housing in response
to lower paychecks because of higher payroll taxes, according to a survey
reported this month by the American Institute of Certified Public Accountants.

The telephone survey of 1,011 U.S. adults in March found that 43
percent of those who expect to get a refund view it as more important to their
financial situation this year than in past years. According to the report,
conducted for AICPA by Harris Interactive, 46 percent expect to save the money,
37 percent will use it for routine expenses and one-third will pay down debt.

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